推 na112233123:我懂了.謝謝幫忙. 04/07 14:39
推 atinna:第三題第三行的10M是什麼啊?(抱歉我不懂><) 04/10 19:59
※ 引述《na112233123 (nn)》之銘言：
: The sales and net income of YY company in year 2001 are 50 millions and
: 5 millions respectively. Its dividend is $3 per share and the optimal capital
: structure is 40% with debt. The DOL and DFL are 2 and 5 respectively.
: The number of outstanding share is keeping at 1 million shares. YY company
: estimates the sales in year 2002 to be 55 millioms and decides to invest
: 8 millions to build a new plant. How much the divident per share for year 2002
: will be under each of the following situations?
: (1) YY company applies constant dividend policy.
固定股利，所以股利同2001年的$3 per share
: (2) YY company applies constant dividend payout ratio policy.
固定股利支付率，2001年股利支付率為 3 / 5 = 60%
由第(4)小題得知2002年EPS為10，故股利為 10 * 60% = $6 per share
: (3) YY company applies residual dividend policy.
剩餘股利政策，盈餘先用於必要的投資，有多的才發出來
投資需要8M，在維持資本結構(負債40%)不變下，需要權益資金 8M * 60% = 4.8 M
因此總股利為 10M - 4.8M = 5.2M => divident per share = $5.2 per share
: (4) How much the estimated EPS for year 2002 will be?
DTL = DOL * DFL = 10
因此在營業額(△S)/S = (55-50) / 50 = 10% 下，△EPS/EPS = 10% * 10 = 100%
EPS(2001) = 5 / 1 = 5 => EPS(2002) = 5 * (1 + 100%) = 10
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